This book is written in a thriller novel style and everything that is said to be actually happened. Byron Ousey happened to have a bird’s-eye view of the takeover battle raging in Luxembourg. SAGA magazine and Readers’ Digest. Tim Bouquet was hoping to be the first feature writer to profile Lakshmi Niwas Mittal. He also works as an editorial consultant for major multinational companies. As we go through the book we will also realizes the amount of research the authors have given into it.COLD STEEL ABOUT THE AUTHORS Tim Bouquet is an author. Irish Times. on its communication strategy. Prospect. Byron Ousey's is a managing director with Kreab Gavin Anderson.
. The language used in this book is also easy to understand. which was the biggest shareholder in Mittal’s target. Arcelor. The Times Magazine. It is a book that captures your attention till end. an international financial public relations consultancy that specialises in advising governments and major corporations on takeovers and mergers as well as crisis management. Tim Bouquet and Byron Ousey discovered they had a common interest. He writes for The Daily Telegraph Magazine. ‘Together they are admirably qualified to guide us through the myriad twist and turns of this compelling business saga and have produced and enormously entertaining read’ – Christopher Silvester INTRODUCTION AND SUMMARY This book is an eminently readable and absorbing account of the behind the scene drama of the takeover battle waged by Lakshmi Niwas Mittal against the management of Arcelor in his bid to emerge as the “Emperor of Steel”. broadcaster and consultant with extensive experience of editing and writing for leading national and international newspapers and magazines. editor. During the Mittal-Arcelor battle he advised the Luxembourg government on their communications strategy. This book is not written by an insider but as we go through the book it’s clear that the authors have extensively interviewed most of the insiders. He was advising the Luxembourg government. writer. journalist. for an article for the Telegraph Magazine. Esquire. but was not directly involved with either Arcelor or Mittal Steel.
the book take us back to June 1950 to a place called Sadulpur in Rajasthan in India.This book starts with Mittal Steels successful bidding for Ukrainian steel company Kryvorizstal in 2004. Moon and for his Aditya was Adam. He started acquiring loss making steel manufacturing entities and was able to turn them around completely. Initial Chapters of the book make clear the race between Mittal Steel and Arcelor and tells people how important and intense is race for each one of us. in Indonesia. their aspiration and how seriously both of them taking their battle.84 billion. building a steel plant from the scratch. Mittal acquire steel manufacturing plants in Trinidad. Canada. After the history of Lakshmi Mittal it takes back to the current event of Arcelor. 1989 was the year when Mittal Knew he hadn’t got enough time in front of him and the time where he started to build more plants from scratch.e. Lakshmi’s son (Aditya) was born. getting into family business. After this. going to St. The entire history of Lakshmi MIttal is traced back from his birth to current stage. i.
. Over the next 20 years. The starting of the book also mention about the egos of Arcelor CEO Guy Dolle and Mittal Steels Lakshmi Mittal. and the United States. Arcelor and Mittal Steel both were in the race and Mittal won the bid with an amount of $4. Xavier’s college. moving to Calcutta. From the point Mittal’s growth has started and it has been perfected over the years. He is the first Indian to build a Steel mill abroad. i. From here the authors describe the history of Lakshmi Mittal. moving to EastJava in 1975. Mittal gained a degree in business and accounting from St. Kazakhstan. Mexico. Xavier’s college and went into the family business. The code name for Lakshmi Mittal was Mr. Ukraine. That is from going to school. in order to defend them from the attack of Mittal.e. As per the defence plan the Arcelor acquire a steel company in USA. The authors have described in detail about the strategy and the well oiled operation put by Mittal Steel. but it couldn’t help Arcelor from the attack Mittal Steels. Then the authors start describing the struggle between Arcelor and Mittal Steel. It also mentions about how Arcelor CEO Guy Dolle created a special secret team know as Project tiger. At the age of 29 a new member was added to the family. getting married with Usha Dalmia.
The authors also mention about the India Governments reaction to the protectionist approach taken by French and Luxembourg Government. and how the obstacles were overcome. the political charm offensive of Lakshmi Mittal and how in the end every single defence strategy that was put in place by Arcelor failed and the only option left with was the White Knight in SeverStal. all of them are associated to Arcelor. a special protectionist takeover law put on table by Luxembourg govt. While Guy Dolle. one of the largest global investment banks to explore strategic option and analyse the feasibility of acquiring Arcelor. Ex CEO Arcelor was determined not to lose Arcelor to Mittals. president. the scores of issues that were identified by the team of investment bankers and lawyers. There was a situation where Arcelor CEO Guy Dolle made an unfortunate comment about Mittal being an Indian and suddenly the Europeans were accused of being racist. might. This spark that could have potentially resulted in
. That is how they tried to find out a white knight and in the end found one in SeverStal of Russia. the amount of planning and discussion that went into the takeover strategy. reluctant might Guy had been but somewhere down his heart he was aware that Mittal was better match than SeverStal who played the role of White Knight for Arcelor. Arcelor Team and the French government to save Arcelor from Mittals takeover. patience. Lakshmi Niwas Mittal was determined to put on stake anything for Arcelor to become the biggest steel producer in the world. business acumen. The book is an interesting and captivating read which will take you by surprise when you may come to know that phone calls are prone to being tapped when you are in the game of hostile takeover. They also mention in detail about the various defense strategies used by Arcelor. the various poison pills. However. Moreover. These were the names assigned by Mittals team. This was Mittals first business with Goldman Sachs Group but he already had a good relation with Blankfein. aggression – call anything and you will find it here in fiercest hostile takeover in the history of global steel industry. call it Project Olympus or Project Louise or Project Tiger. Perseverance. discipline. and finance minister not only of France but also of India. They have mention in detail how the whole strategy was made. president and chief operating officer of the Goldman Sachs Group. The meetings were held in the wildest destination from graveyard to airport lounge or on an isolated island which is beyond the reach of media. but which was never passed.Mittal told Blankfein. The deal also involved political figures like prime minister.
I really admire the way LNM agreed to keep Luxembourg as the headquarters for the new company formed after merging with Arcelor. one he kept on repeating throughout the battle for Arcelor was that state run steel companies had no place in the modern world. Steel would have to go global. Cold Steel is a truly international thriller played at pace and mirroring the impact of globalisation on one of the world's least known but most important industries. They all had motive and opportunity and were in the right places at the right and the wrong times. The takeover made such an impression on the steel industry that the mightiest steel producers in the world like Nippon Steel and POSCO employed finance consultants and advisors to design a defense mechanism to protect their company from relentless consolidation drive by the rajah of steel industry – Lakshmi Niwas Mittal. In addition. It also means ‘funny money’ (tainted money) or ‘Monopoly money’ (ridiculously large bot worthless sums). Aditya played an important role in this takeover battle and he interacted with many key players. Everyone reported him as very intelligent and smart. many of them with exotic names and backgrounds. Unlike some books which are merely 'based on fact'. Some also got very rich in the process. He knew his business inside out. the story is
. He was supported by his able and intelligent son and CEO Aditya Mittal. According to the authors the reason Mittal was so successful in turning around loss making manufacturing units was that he was the only person who could actually work the control panel of a blast furnace himself. Cold Steel is a story of mounting jeopardy starring an international cast. Mittal’s vision. he agreed to dilute the stake in Mittal steels to avoid corporate governance issues and also invited Guy Dolle on board who put down his offer.damaging the diplomatic relation was put out early. This is a book that tells the story of the Arcelor Mittal Steel takeover battle that resulted in ArcelorMittal. Lakshmi Mittal was a man with a vision and man on a mission. It ranged for about 188 days which is the biggest takeover battle. Not only this. It is written as a thriller because that is what it was. It also put an end to racist remarks put on by Guy on Mittal and his offer referred to as monnaine de singe literally means ‘monkey money’. this is all true and the outcome of the battle was to transform the landscape of the steel industry and bring a much needed victory for shareholder democracy in mainland Europe.
not without a touch of the fantasy. As for Lakshmi Mittal his story is far from over.
. the lawyers. the strategists. Any person who just wants to know what happened would be amazed to see the amount of strategy and effort put in by all the people at both sides – the bankers. It is very important moment is the history of Steel industry. the hedge funds people. the stakeholders and scores of others. the government representatives. the shareholders. the illogical and the unexpected juxtapositions that are the true hallmarks of Surrealism. His next goal is to be the first entrepreneur to produce 200 million tons a year. he still only has 10 per cent. the investors. the communications and PR people. Although he is now the biggest steel producer in the world.